The problem is that directors (or restricted persons in general) aren't allowed to short-term trade the company, given the superior information they have.
Yes, he has increased his holding and he has lost money, but a director short term trading send a very wrong signal, in that he can actually benefit from the company decreasing in value over the short term.
I'm not sure how long he has held his shares in NC1 (assuming well before it was listed), so possibly this was a wash trade (in itself not legal) to realise some financial gains this financial year.
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